Taxpayers can now revise GSTR-1 before Tax Payment

GST taxpayers will soon have the option to revise their sales return form GSTR-1 before making tax payments for a month or quarter.

The GST Council recently recommended a new optional feature using Form GSTR-1A.

This will allow taxpayers to make amendments or add extra details to their GSTR-1 submissions.

Taxpayers must file GSTR-1A before submitting GSTR-3B for the respective tax period.

Currently, GST taxpayers file GSTR-1 by the 11th day of the following month.

Additionally, businesses with annual turnover up to Rs 5 crore can file GSTR-1 up to 13 days before the quarter ends.

Expert’s Opinion

According to Rajat Bose, partner at Shardul Amarchand Mangaldas & Co –

“The council’s recommendation is a positive change for compliance, making business operations smoother.”

Abhishek Jain, head and partner of indirect tax at KPMG, welcomed the amendment facility in GSTR-1 filings,

calling it a beneficial step to rectify clerical and inadvertent errors before tax payment.

GST Council Recommendations

The GST Council has recommended that businesses with an annual turnover of up to Rs 2 crore,

be exempted from filing annual returns in GSTR-9/9A for the financial year 2023-24.

Additionally, the Council has proposed several measures aimed at easing the challenges faced by businessmen,

such as reducing government disputes and simplifying GST procedures.

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